S&P 500 positive tone
· Another bounce from minor 1985.5 support, ahead of better foundations 1981.5/80.75 that we have continued to flag to hold this week.
· This maintains the resilient digestion theme into mid-month and also leaves upside pressures through mid-September.
· We still see the threat as higher, maybe today to the topping line, now at 1999.25 and then 2003.0 and 2007.75 chart levels.
· For mid-month the bias is back to challenge the recent peaks at 2010/11 and for an extension rally for 2020 and 2027.5 targets.
WHAT CHANGES THIS?
· Below 1981.5/80.75 signals a neutral tone, only shifting negative below 1937.25.
See full report with levels & latest screencast here: http://members.marketchartist.com/Daily/sp500.pdf
4 Hour S&P 500 E-mini September Future Chart